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A question about recovery of money

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    A question about recovery of money

    Anandb has asked:

    Originally posted by anandb View Post
    Ok.. Loan charge was made illegal in 2017.
    But most of the users were defrauded by AML and Vanquish and SP management and what not.
    How contractors are going to recover the money from them?
    Any ideas?
    Is anyone who is stung by loan charge planning class action like suit against AML etc?
    "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
    - Voltaire/Benjamin Franklin/Anne Frank...

    #2
    It is a close to zero probability that anyone will be able to claim any money back from scheme owners because they were very careful to make those schemes safe from that kind of litigation.

    Contractors have attempted to join class action in an to attempt to fight HMRC, but generally they have simply thrown good money after bad (search ‘class action’ in this forum).

    The only thing that appears to work is to get a reputable tax specialist to negotiate with HMRC the sums involved and the best way to pay.
    "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
    - Voltaire/Benjamin Franklin/Anne Frank...

    Comment


      #3
      Exactly what cojak says.

      Forget going after scheme operators. Forget fighting HMRC.

      Accept that you'll have to pay. Arrange a payment plan* (time to pay) if you need to. Move on with your life.

      * there's usually no problem getting HMRC to agree to a few years to pay but they have been known to allow over 10 years

      Comment


        #4
        Quackhandle had a question:

        Originally posted by quackhandle View Post
        Okay dumb question alert, but why doesn't HMRC go after the owners of these companies?

        qh
        to which I replied:

        Originally posted by cojak View Post

        I guess that according to current legislation they’ve done nothing illegal, the onus is on contractors to get this stuff right.

        The salesmen and agencies who knowingly push contractors into these schemes for a fat commission should be the easiest targets for fines and sanctions IMO.
        "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
        - Voltaire/Benjamin Franklin/Anne Frank...

        Comment


          #5
          Judging by the number of new schemes that keep popping up, it seems HMRC are still not on top of this problem after 20-odd years.

          Comment


            #6
            Originally posted by woody1 View Post
            Judging by the number of new schemes that keep popping up, it seems HMRC are still not on top of this problem after 20-odd years.
            Yep, I don't see any downturn on it.
            "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
            - Voltaire/Benjamin Franklin/Anne Frank...

            Comment


              #7
              And the thing is, the disguised remuneration legislation HMRC brought in, at the same time as the Loan Charge, is all encompassing. It's therefore difficult to see how the schemes now aren't anything other than outright evasion. And yet, all HMRC seems to be able to do is publish their names. Pathetic!

              Comment


                #8
                And even then they only put those names up for three years before taking them off the list. You’ve just got to hope that contractors Google the names before signing up.
                "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
                - Voltaire/Benjamin Franklin/Anne Frank...

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